Tips for getting your offer across the home plate the first time.
We are currently in a hot and competitive real estate market in Northeast Florida! As a buyer getting your offer accepted can be extremely difficult. I’m seeing and hearing stories of buyers making dozens of offers on homes before having one of their offers accepted. I can guarantee you that the first offer that the buyer made is very different from the one that got accepted. And, to get the home, the buyer likely had to make some concessions.
Much like when you are pitching in a baseball game you’ll need to throw a variety of pitches to get the batter out. Just throwing one pitch all the time may not result in your best offer going forward. So, let’s talk about different ways you can get your offer accepted as a buyer.
- Fastball – Coming in hard and hot with your offer can be a quick way to strike interest in a seller. The most important term of an offer (but not the only one) is the purchase price. If you are willing to raise the purchase price a good bit you can immediately get the attention of the sellers and get them to pay attention to your offer.
- Change-up – Giving the sellers a different look at your offer can help too. What’s popular among many buyers now is to write a letter to sellers with the offer. This letter can outline why you love their house or why the home is perfect for you and your family.
- Knuckleball – A knuckleball is an odd-looking pitch. And, to get your offer accepted in this wild market a different-looking offer gets a seller’s attention. Find something personal or relatable to the sellers and offer it as an incentive. For example, if in the house there are pizza signs and products all over the kitchen you can assume the sellers love pizza. Why not offer to order them a pizza if they accept your offer. You might only get a chuckle from the sellers, but hey, at least they looked at your offer and smiled.
- Slider – Get your offer to slide in around the other offers with a concession on the terms. Even if you don’t have the highest purchase price offer you can offer to pay some of the seller’s closing costs. So, in addition to the purchase price and your closing costs, the buyer pays a portion of the seller’s closing fees. Sellers like to see this since their costs are covered even with a lower purchase price. The lower price can lower the fees on a few of the price-adjusted costs.
- Change-up – Find a term that you think will impress the seller. Sometimes a buyer will offer a higher purchase price and agree to cover any appraisal gap. Meaning, the sales price could be 400K but the appraiser may only appraise the home at 390K. With your offer, the buyer can agree to pay any difference between the appraisal and purchase price. Also, there is the potential to waive an inspection period. Depending on the condition of the home this can be a risky bet though.
With such a hot market I am seeing multiple pitches being thrown with each offer. Finding the right mix of pitches that appeals to a seller can be tough. So, find the right ones for you and your capability to put your best offer forward each time. Let me know how I can help you get your offer across home plate!
Happy House Hunting!